5 August 2022 false No description of principal activity Taxfiler 2023.14 14278097business:PrivateLimitedCompanyLtd2022-08-052023-08-31 142780972022-08-04 142780972022-08-052023-08-31 14278097business:AuditExempt-NoAccountantsReport2022-08-052023-08-31 14278097business:FilletedAccounts2022-08-052023-08-31 142780972023-08-31 14278097business:Director12022-08-052023-08-31 14278097business:RegisteredOffice2022-08-052023-08-31 14278097core:WithinOneYear2023-08-31 14278097core:ShareCapitalcore:PreviouslyStatedAmount2023-08-31 14278097core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-08-31 14278097core:PreviouslyStatedAmount2023-08-31 14278097business:SmallEntities2022-08-052023-08-31 14278097countries:EnglandWales2022-08-052023-08-31 14278097core:ComputerEquipment2022-08-052023-08-31 14278097core:ComputerEquipment2022-08-04 14278097core:ComputerEquipment2023-08-31 iso4217:GBP xbrli:pure
Company Registration No. 14278097 (England and Wales)
The Ideas Studio Limited Unaudited accounts for the period from 5 August 2022 to 31 August 2023
The Ideas Studio Limited Unaudited accounts Contents
Page
- 2 -
The Ideas Studio Limited Company Information for the period from 5 August 2022 to 31 August 2023
Director
B K J Miller
Company Number
14278097 (England and Wales)
Registered Office
International House 12 Contstance Street London E16 2DQ UK
- 3 -
The Ideas Studio Limited Statement of financial position as at 31 August 2023
2023 
Notes
£ 
Fixed assets
Tangible assets
508 
Current assets
Debtors
27,143 
Cash at bank and in hand
23,495 
50,638 
Creditors: amounts falling due within one year
(51,641)
Net current liabilities
(1,003)
Net liabilities
(495)
Capital and reserves
Called up share capital
100 
Profit and loss account
(595)
Shareholders' funds
(495)
For the period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 21 February 2024 and were signed on its behalf by
B K J Miller Director Company Registration No. 14278097
- 4 -
The Ideas Studio Limited Notes to the Accounts for the period from 5 August 2022 to 31 August 2023
1
Statutory information
The Ideas Studio Limited is a private company, limited by shares, registered in England and Wales, registration number 14278097. The registered office is International House, 12 Contstance Street, London, E16 2DQ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% Straight Line
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
- 5 -
The Ideas Studio Limited Notes to the Accounts for the period from 5 August 2022 to 31 August 2023
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the director has made the following judgements: Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Other key sources of estimation uncertainty: Tangible fixed assets (note 4) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 5 August 2022
- 
Additions
621 
At 31 August 2023
621 
Depreciation
Charge for the period
113 
At 31 August 2023
113 
Net book value
At 31 August 2023
508 
5
Debtors
2023 
£ 
Amounts falling due within one year
Trade debtors
4,234 
Accrued income and prepayments
22,844 
Other debtors
65 
27,143 
6
Creditors: amounts falling due within one year
2023 
£ 
VAT
2,379 
Trade creditors
1,512 
Taxes and social security
9,433 
Loans from directors
38,317 
51,641 
- 6 -
The Ideas Studio Limited Notes to the Accounts for the period from 5 August 2022 to 31 August 2023
7
Average number of employees
During the period the average number of employees was 1.
- 7 -